Jupiter
DEX · JUP
Jupiter is a vertically integrated trading ecosystem on Solana spanning swap aggregation, perpetuals, lending, stablecoins, and launchpads. It groups governance, liquidity, dollar, and staking products under one umbrella issuer.
Home of Onchain Finance
TVL
$2.70B
-0.9% 24h
Latest data · 15 min delay
Research
Components, facts, FAQ, timeline, and tokenomics in one place
Main components (6)
Jupiter Aggregator / Ultra
DEX aggregator and smart order router for spot swaps across Solana liquidity venues with low slippage routing.
Jupiter Perps
On-chain perpetuals exchange where traders borrow from the JLP pool; LPs take the house side of trader PnL.
Jupiter Lend
Secured lending desk built with Fluid: up to 95% LTV on some assets, JLP vaults at 83% LTV, with Earn vaults for yield-bearing dollars.
JupUSD
Reserve-backed Solana stablecoin (~90% USDtb / BlackRock BUIDL-backed + 10% USDC buffer) built with Ethena; non-yielding for compliance.
Jupiter Studio
Token launchpad for new Solana projects within the Jupiter ecosystem.
Predictions
On-chain prediction markets product within the Jupiter stack.
Differentiator
Jupiter is a vertically integrated trading ecosystem (aggregator, perps, lend, stablecoin, launchpad), not a single credit product.
Organizational structure
Units & roles
- Core development
Jupiter (Meow team)
Core dev team behind the aggregator, perps, lend, stablecoin, and launchpad products. Founded by Meow.
- Governance
Jupiter DAO (Jupiter United Planet)
Community governance via JUP tokenholders. Active community members are known as Space Catdets.
- External partners
Product stewards
External partner stewards per product line: Ethena for JupUSD tech, Fluid for Jupiter Lend engine, Anchorage Digital and Porto for custody.
Similarity to traditional finance products
How Jupiter maps onto established TradFi structures, and where it diverges.
| TradFi product | Similarity to Jupiter | Key differences |
|---|---|---|
| Smart order router / brokerage | Jupiter Aggregator routes orders across venues for best execution, similar to a smart order router at a retail brokerage. | Fully on-chain, non-custodial, and composable across Solana DeFi liquidity pools rather than regulated broker-dealer inventory. |
| Market-maker / hedge-fund LP share | JLP LPs are the house: they earn fees but lose when traders win, akin to a prop desk or MM taking the other side of flow. | Transparent on-chain basket, tradeable token, and auto-compounded perp fees rather than opaque fund NAV. |
| Tokenized money-market-backed dollar | JupUSD is a reserve-backed dollar with Treasury/MM exposure via USDtb, similar to tokenized money-market fund shares. | SPL token on Solana, no native yield on JupUSD itself (compliance); yield is opt-in via jlJupUSD in Lend Earn. |
| Secured lending desk | Jupiter Lend offers collateralized borrowing and Earn vaults, similar to a prime brokerage secured lending book. | Permissionless on-chain LTV parameters, JLP vault integration, and Fluid-powered risk engine rather than bilateral bank credit lines. |